Thursday February 14, 2008 - 21:34:34 GMT
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FX Blog: Market Snapshot Far East Open
GVI Market Snapshot-- Far East Open
- The USD is closinging lower in N.Y. against the EUR and GBP from late Wednesday levels. The JPY and CHF (carry funding currencies) are firmer as well.
- It is interesting that the markets (especially long-term bonds) suddenly were uncomfortable with an accomodative Fed. In his Congressional testimony, Chairman Bernanke seemed to be acknowledging that the economy would be weakening further and that additional monetary accomodation was posssible. His cooment drove the USD and l-t bond prices lower. Gold and oil gained.
- The commodity currencies (AUD and NZD) are ending mostly higher. Stronger than expected Australian employment data kept a March +25bps rate hike on the table and has sparked speculation about a second rate hike subsequently. CAD was the odd man out again as it has eased.
- Earlier Asian bourses closed higher. The Nikkei soared by +4.3% following much stronger than expected 4Q07 Japanese GDP. The key European bourses were weaker. U.S. equities fell in the back up in long term U.S. interest rates.
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